Housing Affordability Up

October 01, 1985

The National Association of Realtors said its housing affordability index jumped 1.8 points in August, putting the index at 94.8, its highest level since April, 1979. That meant a family earning the median income of $27,438 annually had 94.8 percent of the income needed to qualify for a typical house selling for $77,100. The August changes came from further declines in mortgage interest rates and a drop of $300 in the median price of an existing single-family home.